What is Short-Term Disability Insurance?
The U.S. Bureau of Labor Statistics says that short-term disability insurance “was available to 40 percent of civilian workers in March 2020.” This means there’s a large chance that you might qualify for this form of insurance.
But what is short-term disability insurance? How do you qualify and apply for it? Also, what sort of problems does it cover?
Well, in this short post, we’ll let you know some of the fundamental info you need to know about short-term disability insurance. Read on to get the lowdown.
Short-Term vs. Long-Term Disability Insurance
If you take out short-term disability insurance then you can expect to have coverage right away if you are unfortunate enough to develop some form of temporary disability. When we say disability, it refers to certain injuries and serious illnesses listed out by your private broker.
Long-term disability insurance is something that can provide you with a long-term monthly income if you are unfortunate to gain a long-standing disability. Some plans will continue some payments right through retirement.
In most cases, you will need to take a doctor’s exam to qualify for either of the insurance types just mentioned. However, there is such a thing as no exam disability insurance, which might appeal to people who find doctors’ exams nerve-wracking and tedious.
More About Short-Term Disability Insurance
Short-term disability insurance only covers you for a temporary period for a temporary disability. Pregnancy, accidental injuries, and post-surgical recovery are some examples of what might qualify as “temporary disabilities.”
The idea is, that you eventually return to work, but in the time you had to be off work, you could pay your bills and keep running the household with little or no stress on the money front. Yet, we recommend you spend some time researching the details of different policies and they can differ a lot.
For instance, some insurance policies may cover you for time off work due to mental health issues while others won’t. Other policies might not cover you for being criminally detained meaning you can’t work, while others will!
Of course, it’s impossible to predict what problems are around the corner, but it’s worth spending time reading through any policy you intend to take out. The main reason for this is so you don’t get any shocks if and when you may be looking to use your insurance.
Who Needs Short-Term Disability Insurance?
A typical scenario of a person who might require short-term disability insurance is the primary breadwinner of the household. This person might get it so they have peace of mind knowing their family will be provided for in the event of them gaining a short-term disability.
Also, people who are into adventure and extreme sports might want to get short-term disability insurance. If they have say a bike accident outside of work, they’ll be able to get insurance payments until they recover and return to work.
Short-Term Disability Insurance Explained
Short-term disability insurance is well worth considering. This is especially true if you are the main breadwinner of the household. Plus, we think the no exam disability insurance is worth looking into.
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